Exness’ active clients top 515K as monthly volume hits $3.35 trillion
FX trading volumes are climbing again as economic uncertainty spurred by recent developments over central banks’ policies encouraged speculators to pile back into the market.
The latest group of retail FX platforms to report their monthly volumes indicate that May was a busier month all round, with Exness reporting a rebound in monthly volumes after a 20% drop in the month prior.
Total trading volumes on the Exness’ platform ticked higher last month, helped by a rise in volatility driven by central banks’ policy announcements. Specifically, May’s figure came in at $3.35 trillion, up 12 percent from the previous reading it set at $3.00 trillion in April.
Over a yearly basis, the multi-regulated FX broker’s turnover had shot higher by two thirds when compared with $2.05 trillion reported back in May 2022.
The company also said its active client base is now at record levels and is materially higher than it was in 2022, with levels of retention comparable to historical averages. Exness reported the number of active clients at nearly 515,099, up 69 percent from 304,482 in the same month a year earlier. On a month-over-month basis, the number of active clients was also up by 8 percent from 476,172 in April.
The FX market, like other financial markets, is undergoing a digital transformation. This includes the use of algorithmic trading, high-frequency trading, and other technology-driven strategies that increased trading volumes.
Exness’ average trading volume in 2023 was above the $3 trillion mark so far due to frenzied buying and selling activities. The uptick in volumes also comes as Exness, which is authorised by the FCA as an IFPRU €730K firm, continues to restructure its business.
Exness acquired its regulated UK license, an IFPRU €730K firm, back in 2016 to operate a CFDs brokerage business. The broker launched a mainly retail offering, which focused on CFDs in Forex and commodities. In light of an internal business decision to restructure its business and focus on other markets to grow their B2B operations, Exness decided in 2019 to close the retail business in the EU/EEA region, including in the UK.